File - A sign at the intersection of Broad and Wall streets is shown outside the New York Stock Exchange, Monday, Dec. 11, 2023, in New York.NEW YORK — The Dow Jones Industrial Average topped the 40,000 level for the first time Thursday, as
The S&P 500 index, which is much more widely followed on Wall Street and dictates the performance of many more 401 accounts than the Dow, was 0.3% higher, as of 11:10 a.m. Eastern time. The Nasdaq composite was also up 0.3%. All three indexes had rallied on Wednesday.for the latest quarter than analysts expected. It also said its revenue for the year could top the forecasted range it had earlier given.
Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes jumped through May to records following their tough April. Another has been revived hopes that the Federal Reserve will be able to cut its main interest rate at least once or twice this year.Treasury yields have eased in May as hopes rose that the economy could hit the hoped-for sweet spot, where it cools enough to stifle high inflation but not so much that it causes a bad recession.
The yield on the 10-year Treasury was holding steady at 4.35%. The two-year yield, which moves more closely with expectations for action by the Fed, rose to 4.77% from 4.72% late Wednesday.